Sunday, September 25, 2011

Serving Others

"Under capitalism everybody provides for their own needs by serving others."

Ludwig von Mises (1881-1973)

Ever consider that? That as business people we are in the business of serving others? That is the very essence of capitalism, and a definition you will never hear from those who deride it.

Capitalism is not a system of thievery, control, or monopolistic competition. It is a system where we serve our own interests by better serving the needs of other people.

That is why Adam Smith, in "The Wealth of Nations," could confidently state that the butcher, baker and beer maker do not wish to provide us our dinner for any reason other than self interest. They wish to produce the best products so that we will come back for purchase time and again. And as we do, their profits increase and they further themselves in society.

Any economic system other than that will necessarily collapse under its own weight. It hasn't worked anywhere for very long because it can't.

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